Ingram Micro Inc. (IM) Downgraded to “Hold” at Zacks Investment Research
Ingram Micro Inc. (NYSE:IM) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
According to Zacks, “Ingram Micro is a leading distributor of information technology (IT) products and services worldwide. The company's focus on high-margin markets and strategic acquisitions to increase market share are encouraging. Ingram Micro has been signing distribution deals with a number of original equipment manufacturers, thereby expanding the product portfolio. Though Ingram Micro’s high debt burden is a concern, we remain fairly optimistic about its strategic relationships with network giants such as Juniper Networks Inc., Cisco and International Business Machines Corp. Additionally, the company’s focus on cloud computing products is expected to drive growth.”
Separately, Jefferies Group restated a “hold” rating on shares of Ingram Micro in a research report on Thursday, September 8th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. Ingram Micro presently has an average rating of “Hold” and a consensus price target of $35.75.
Shares of Ingram Micro (NYSE:IM) traded up 0.25% during trading on Tuesday, reaching $35.74. 1,013,605 shares of the company were exchanged. The firm has a market cap of $5.35 billion, a price-to-earnings ratio of 20.90 and a beta of 0.82. The stock’s 50-day moving average is $34.86 and its 200-day moving average is $34.88. Ingram Micro has a 52-week low of $26.44 and a 52-week high of $36.66.
Ingram Micro (NYSE:IM) last issued its earnings results on Thursday, July 28th. The company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.49 by $0.12. Ingram Micro had a net margin of 0.64% and a return on equity of 10.03%. The firm had revenue of $10.10 billion for the quarter, compared to analyst estimates of $9.67 billion. During the same quarter last year, the business posted $0.55 earnings per share. The company’s quarterly revenue was down 4.1% on a year-over-year basis. Equities research analysts predict that Ingram Micro will post $2.62 earnings per share for the current fiscal year.
Several institutional investors have recently modified their holdings of IM. Acrospire Investment Management LLC raised its position in shares of Ingram Micro by 60.9% in the second quarter. Acrospire Investment Management LLC now owns 3,700 shares of the company’s stock worth $129,000 after buying an additional 1,400 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Ingram Micro by 91.8% in the second quarter. Tower Research Capital LLC TRC now owns 5,323 shares of the company’s stock worth $185,000 after buying an additional 2,548 shares in the last quarter. Weaver C. Barksdale & Associates Inc. increased its position in shares of Ingram Micro by 8.4% in the second quarter. Weaver C. Barksdale & Associates Inc. now owns 5,515 shares of the company’s stock worth $192,000 after buying an additional 427 shares in the last quarter. Bbva Compass Bancshares Inc. purchased a new position in shares of Ingram Micro during the second quarter worth $200,000. Finally, Mackenzie Financial Corp increased its position in shares of Ingram Micro by 3.7% in the second quarter. Mackenzie Financial Corp now owns 7,309 shares of the company’s stock worth $254,000 after buying an additional 263 shares in the last quarter. Institutional investors own 83.72% of the company’s stock.
About Ingram Micro
Ingram Micro Inc (Ingram Micro) is engaged in the distribution of information technology (IT) products, supply chain services and mobile device lifecycle services around the world. The Company distributes and markets technology products all over the world from the industry’s computer hardware suppliers, mobility hardware suppliers, software publishers, consumer electronics (CE), automatic identification and data capture (AIDC)/point-of-sale (POS), and physical security products.
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